Since its inception in 1989, TakarékBank functions both as a central institution and as a corporate and investment bank,[2][3] the bank headquartered in Budapest, and as a holding, the Takarék Group defines itself primarily as a service provider for the local cooperative banks and their over 1 million clients. TakarékBank is the short form of the Magyar Takarékszövetkezeti Bank Zrt. (literally "Hungarian Central Co-operative Bank"). TakarékBank represents the interests of the Hungarian Cooperative Financial Institutions at both national and international levels and coordinates and develops the joint strategy within the network, the bank advises and supports his members on legal, taxation, and business management issues. TakarékBank is member of the EACB and the Euro Banking Association, the bank is also member of the Budapest Stock Exchange.

In late 2016 Takarék Group acquired majority stake in FHB Mortgage Bank, thus begins one of the largest merger in the Hungarian banking industry.[4]

1.
Budapest
–
Budapest is the capital and most populous city of Hungary, one of the largest cities in the European Union and sometimes described as the primate city of Hungary. It has an area of 525 square kilometres and a population of about 1.8 million within the limits in 2016. Budapest became a single city occupying both banks of the Danube river with the unification of Buda and Óbuda on the west bank, the history of Budapest began with Aquincum, originally a Celtic settlement that became the Roman capital of Lower Pannonia. Hungarians arrived in the territory in the 9th century and their first settlement was pillaged by the Mongols in 1241–1242. The re-established town became one of the centres of Renaissance humanist culture by the 15th century, following the Battle of Mohács and nearly 150 years of Ottoman rule, the region entered a new age of prosperity, and Budapest became a global city after its unification in 1873. It also became the co-capital of the Austro-Hungarian Empire, a power that dissolved in 1918. Budapest was the point of the Hungarian Revolution of 1848, the Hungarian Republic of Councils in 1919, the Battle of Budapest in 1945. Budapest is an Alpha- global city, with strengths in arts, commerce, design, education, entertainment, fashion, finance, healthcare, media, services, research, and tourism. Its business district hosts the Budapest Stock Exchange and the headquarters of the largest national and international banks and it is the highest ranked Central and Eastern European city on Innovation Cities Top 100 index. Budapest attracts 4.4 million international tourists per year, making it the 25th most popular city in the world, further famous landmarks include Andrássy Avenue, St. It has around 80 geothermal springs, the worlds largest thermal water system, second largest synagogue. Budapest is home to the headquarters of the European Institute of Innovation and Technology, the European Police College, over 40 colleges and universities are located in Budapest, including the Eötvös Loránd University, Central European University and Budapest University of Technology and Economics. Budapest is the combination of the city names Buda and Pest, One of the first documented occurrences of the combined name Buda-Pest was in 1831 in the book Világ, written by Count István Széchenyi. The origins of the names Buda and Pest are obscure, according to chronicles from the Middle Ages, the name Buda comes from the name of its founder, Bleda, brother of the Hunnic ruler Attila. The theory that Buda was named after a person is also supported by modern scholars, an alternative explanation suggests that Buda derives from the Slavic word вода, voda, a translation of the Latin name Aquincum, which was the main Roman settlement in the region. There are also theories about the origin of the name Pest. One of the states that the word Pest comes from the Roman times. According to another theory, Pest originates from the Slavic word for cave, or oven, the first settlement on the territory of Budapest was built by Celts before 1 AD

2.
Hungary
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Hungary is a unitary parliamentary republic in Central Europe. With about 10 million inhabitants, Hungary is a member state of the European Union. The official language is Hungarian, which is the most widely spoken language in Europe. Hungarys capital and largest metropolis is Budapest, a significant economic hub, major urban areas include Debrecen, Szeged, Miskolc, Pécs and Győr. His great-grandson Stephen I ascended to the throne in 1000, converting the country to a Christian kingdom, by the 12th century, Hungary became a middle power within the Western world, reaching a golden age by the 15th century. Hungarys current borders were established in 1920 by the Treaty of Trianon after World War I, when the country lost 71% of its territory, 58% of its population, following the interwar period, Hungary joined the Axis Powers in World War II, suffering significant damage and casualties. Hungary became a state of the Soviet Union, which contributed to the establishment of a four-decade-long communist dictatorship. On 23 October 1989, Hungary became again a democratic parliamentary republic, in the 21st century, Hungary is a middle power and has the worlds 57th largest economy by nominal GDP, as well as the 58th largest by PPP, out of 188 countries measured by the IMF. As a substantial actor in several industrial and technological sectors, it is both the worlds 36th largest exporter and importer of goods, Hungary is a high-income economy with a very high standard of living. It keeps up a security and universal health care system. Hungary joined the European Union in 2004 and part of the Schengen Area since 2007, Hungary is a member of the United Nations, NATO, WTO, World Bank, the AIIB, the Council of Europe and Visegrád Group. Well known for its cultural history, Hungary has been contributed significantly to arts, music, literature, sports and science. Hungary is the 11th most popular country as a tourist destination in Europe and it is home to the largest thermal water cave system, the second largest thermal lake in the world, the largest lake in Central Europe, and the largest natural grasslands in Europe. The H in the name of Hungary is most likely due to historical associations with the Huns. The rest of the word comes from the Latinized form of Medieval Greek Oungroi, according to an explanation the Greek name was borrowed from Proto-Slavic Ǫgǔri, in turn borrowed from Oghur-Turkic Onogur. Onogur was the name for the tribes who later joined the Bulgar tribal confederacy that ruled the eastern parts of Hungary after the Avars. The Hungarians likely belonged to the Onogur tribal alliance and it is possible they became its ethnic majority. The Hungarian endonym is Magyarország, composed of magyar and ország, the word magyar is taken from the name of one of the seven major semi-nomadic Hungarian tribes, magyeri

3.
Retail banking
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Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, the term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking. It may also be used to refer to a division or department of a bank dealing with retail customers, in the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. This separation was repealed in the 1990s, commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public. S. Private banks manage the assets of high-net-worth individuals, offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks, postal savings banks are savings banks associated with national postal systems

4.
Credit card
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The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. A credit card is different from a card, where it requires the balance to be repaid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, a credit card also differs from a cash card, which can be used like currency by the owner of the card. Credit cards have a printed or embossed bank card number complying with the ISO/IEC7812 numbering standard, the card numbers prefix, called the Bank Identification Number, is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs. This is the first six digits for MasterCard and Visa cards, the next nine digits are the individual account number, and the final digit is a validity check code. Both of these standards are maintained and further developed by ISO/IEC JTC 1/SC 17/WG1, Credit cards have a magnetic stripe conforming to the ISO/IEC7813. Many modern credit cards have a chip embedded in them as a security feature. In addition to the credit card number, credit cards also carry issue and expiration dates, as well as extra codes such as issue numbers. Not all credit cards have the sets of extra codes nor do they use the same number of digits. The concept of using a card for purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Bellamy used the credit card eleven times in this novel, although this referred to a card for spending a citizens dividend from the government. Charge coins and other items were used from the late 19th century to the 1930s. They came in various shapes and sizes, with materials made out of celluloid, copper, aluminum, steel, each charge coin usually had a little hole, enabling it to be put in a key ring, like a key. These charge coins were given to customers who had charge accounts in department stores, hotels. A charge coin usually had the account number along with the merchants name. The charge coin offered a simple and fast way to copy a charge account number to the sales slip and this sped the process of copying, previously done by handwriting. It also reduced the number of errors, by having a form of numbers on the sales slip. Because the customers name was not on the coin, almost anyone could use it

5.
Bureau de change
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A bureau de change or currency exchange is a business where people can exchange one currency for another. Although originally French, the term “bureau de change” is widely used throughout Europe and French Speaking Canada, since the adoption of the euro, many exchange offices incorporate its logotype prominently on their signage. for example, “foreign currency exchange office”. A bureau de change is located at a bank, at a travel agent, airport, main railway station or large stores—namely. So they are prominent at travel hubs, although currency can be exchanged in many other ways both legally and illegally in other venues. Some of the players include HSBC, ATWEXCHANGE, Travelex. Wells Fargo, and Bank of America, in setting its exchange rates, it must keep an eye on the rates quoted by competitors, and may be subject to government foreign exchange controls and other regulations. The exchange rates charged at bureaux are generally related to the spot prices available for large interbank transactions, and are adjusted to ensure a profit. The rate at which a bureau will buy currency differs from that at which it will sell it, so the bureau sells at a lower rate from that at which it buys. For example, a UK bureau may sell €1.40 for £1 but buy €1.60 for £1. So if the price on a particular day is €1.50 to £1, in theory £2 will buy €3. If the bureau de change buys £1 from a consumer for €1.40 and then sells £1 for €1.60 and this business model can be upset by a currency run when there are far more buyers than sellers because they feel a particular currency is overvalued or undervalued. The business may also charge a commission on the transaction, commission is generally charged as a percentage of the amount to be exchanged, or a fixed fee, or both. Some bureaux do not charge commission but may adjust their offered exchange rates, some bureaux offer special deals for customers returning unspent foreign currency after a holiday. Bureaux de change rarely buy or sell coins, but sometimes will at a profit margin, justifying this by the higher cost of storage. In recent years together with emergence of online banking, currency exchange services have appeared on the Internet and this new model allows more competitive exchange rates and threatens traditional bricks-and-mortar bureaux de change. The rise of peer to peer foreign currency exchange platforms and FinTech has led to disruptive p2p forex platforms that significantly undercuts traditional banks, fees from multiple ATM withdrawals should also be considered. Some people may feel uncomfortable carrying a lot of cash and so prefer to use a card and carry minimal cash for tipping cabs, hotels, hotels and rental cars many times also need cards for temporary holds. Some may also prefer to hold foreign currency rather than change it if they are expecting to return to where it is used

6.
Investment banking
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Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the two main lines of business in investment banking are called the sell side and the buy side. The sell side involves trading securities for cash or for other securities, the buy side involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, an investment bank can also be split into private and public functions with a Chinese wall separating the two to prevent information from crossing. The private areas of the deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis. The first company to publicly traded stock was the Dutch East India Company. Investment banking has changed over the years, beginning as a form focused on underwriting security issuance. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, the repeal led to more universal banks offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions, notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays, and Wells Fargo. The traditional service of underwriting security issues has declined as a percentage of revenue, as far back as 1960, 70% of Merrill Lynchs revenue was derived from transaction commissions while traditional investment banking services accounted for 5%. However, Merrill Lynch was a relatively retail-focused firm with a large brokerage network, investment banking is split into front office, middle office, and back office activities. Investment banks offer services to corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, therefore, investment bankers play a very important role in issuing new security offerings. Front office is described as a revenue generating role. Markets is divided into sales and trading, and research, a pitch book of financial information is generated to market the bank to a potential M&A client, if the pitch is successful, the bank arranges the deal for the client. The investment banking division is divided into industry coverage and product coverage groups. On behalf of the bank and its clients, an investment banks primary function is buying and selling products

7.
Mortgage loan
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The loan is secured on the borrowers property. Mortgage can also be described as a borrower giving consideration in the form of a collateral for a benefit, Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, in many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to them to purchase property outright. In countries where the demand for ownership is highest, strong domestic markets for mortgages have developed. According to Anglo-American property law, a mortgage occurs when an owner pledges his or her interest as security or collateral for a loan. As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of property can be, and usually are, secured with a mortgage. Mortgage lending is the mechanism used in many countries to finance private ownership of residential and commercial property. Although the terminology and precise forms will differ from country to country, the components tend to be similar, Property. The exact form of ownership will vary from country to country, Mortgage, the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase insurance and mortgage insurance. Borrower, the person borrowing who either has or is creating an ownership interest in the property, lender, any lender, but usually a bank or other financial institution. Principal, the size of the loan, which may or may not include certain other costs, as any principal is repaid. Interest, a charge for use of the lenders money. Completion, legal completion of the deed, and hence the start of the mortgage. A closed mortgage account is said to be redeemed, many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly or indirectly, other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system

8.
Private equity
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In finance, private equity is a type of equity and one of the asset classes consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange. A private equity investment will generally be made by an equity firm. Bloomberg Businessweek has called private equity a rebranding of leveraged-buyout firms after the 1980s, common investment strategies in private equity include, leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm and this is distinct from a venture-capital or growth-capital investment, in which the investors invest in young, growing or emerging companies, and rarely obtain majority control. Private equity is often grouped into a broader category called private capital, generally used to describe capital supporting any long-term. The strategies private equity firms may use are as follows, leveraged buyout being the most important, the companies involved in these transactions are typically mature and generate operating cash flows. Leveraged buyouts involve a financial sponsor agreeing to an acquisition without itself committing all the capital required for the acquisition, to do this, the financial sponsor will raise acquisition debt which ultimately looks to the cash flows of the acquisition target to make interest and principal payments. Acquisition debt in an LBO is often non-recourse to the sponsor and has no claim on other investments managed by the financial sponsor. Historically the debt portion of a LBO will range from 60%–90% of the purchase price, between 2000–2005 debt averaged between 59. 4% and 67. 9% of total purchase price for LBOs in the United States. A private equity fund say for example, ABC Capital II, to this it adds $2bn of equity – money from its own partners and from limited partners. With this $11bn it buys all the shares of an underperforming company and it replaces the senior management in XYZ Industrial, and they set out to streamline it. The workforce is reduced, some assets are sold off, etc, the objective is to increase the value of the company for an early sale. The stock market is experiencing a market, and XYZ Industrial is sold two years after the buy-out for $13bn, yielding a profit of $2bn. The original loan can now be paid off with interest of say $0. 5bn, the remaining profit of $1. 5bn is shared among the partners. Taxation of such gains is at capital gains rates, notes, The lenders can insure against default by syndicating the loan to spread the risk, or by buying credit default swaps or selling collateralised debt obligations from/to other institutions. Often the loan/equity is not paid off after sale but left on the books of the company for it to pay off over time and this can be advantageous since the interest is typically offsettable against the profits of the company, thus reducing, or even eliminating, tax. Most buyout deals are much smaller, the average purchase in 2013 was $89m. The target company does not have to be floated on the stockmarket, buy-out operations can go wrong and in such cases the loss is increased by leverage, just as the profit is if all goes well

9.
Cooperative banking
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Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world, Credit unions have the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members. They are typically the smaller form of cooperative banking institution, in some countries they are restricted to providing only unsecured personal loans, whereas in others, they can provide business loans to farmers, and mortgages. Larger institutions are often called cooperative banks, some are tightly integrated federations of credit unions, though those member credit unions may not subscribe to all nine of the strict principles of the World Council of Credit Unions. Like credit unions, cooperative banks are owned by their customers and follow the principle of one person. Unlike credit unions, however, cooperative banks are regulated under both banking and cooperative legislation. They provide services such as savings and loans to non-members as well as to members, many cooperative banks are traded on public stock markets, with the result that they are partly owned by non-members. Member control is diluted by these outside stakes, so they may be regarded as semi-cooperative, Cooperative banking systems are also usually more integrated than credit union systems. Local branches of cooperative banks select their own boards of directors and manage their own operations, Credit unions usually retain strategic decision-making at a local level, though they share back-office functions, such as access to the global payments system, by federating. Some cooperative banks are criticized for diluting their cooperative principles, principles 2-4 of the Statement on the Co-operative Identity can be interpreted to require that members must control both the governance systems and capital of their cooperatives. A cooperative bank that raises capital on public stock markets creates a class of shareholders who compete with the members for control. In some circumstances, the members may lose control and this effectively means that the bank ceases to be a cooperative. Accepting deposits from non-members may also lead to a dilution of member control, the special banks providing Long Term Loans are called Land Development Banks, in the short, LDB. The history of LDB is quite old, the first LDB was started at Jhang in Punjab in 1920. This bank is based on Co-operative. The main objective of the LDBs are to promote the development of land, agriculture, the LDBs provide long-term finance to members directly through their branches. Building societies exist in Britain, Ireland and several Commonwealth countries and they are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis

10.
Branch (banking)
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In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon in France had 43 branches of Italian banking houses alone, the practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini, then head of the Bank of America. Historically, branches were housed in imposing buildings, often in a style of architecture. Today, branches may take the form of smaller offices within a larger complex. Traditionally, the branch was the place of access to a financial institutions services. In the early 21st century, features such as automated machines, telephone and online banking, allow customers to bank from remote locations. This has caused financial institutions to reduce their branch business hours, conversely, they converted some into mini-branches with only ATMs for cash withdrawal and depositing, computer terminals for online banking and cheque depositing machines. Some mini-branches may have one or no human staff with only telephone support, some branches also have drive-through teller windows or ATMs. Other financial institutions reduce their costs and position their offerings by having no branches and are known as virtuals or direct banks. Over the next few decades, some attempted to circumvent McFaddens provisions by establishing bank holding companies that operated so-called independent banks in multiple states. To address this, The Bank Holding Company Act of 1956 prohibited bank holding companies headquartered in one state from having branches in any other state, most interstate banking prohibitions were repealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Some states have also had restrictive bank branch laws, for example, Illinois outlawed branches until 1967 and these are typically stand alone branches of a financial institution that often are contained in its own building. These branches typically offer full service banking including safe deposit boxes and they may include access to a drive-through teller windows. These are typically located in a retail space such as a grocery. They may be full service branches or limited service branches and they generally do not include a drive-through teller windows or safe deposit boxes. A type of bank that is obligated to follow the regulations of both the home and host countries. operating in the country, regulated by the Office of the Superintendent of Financial Institutions

11.
Assets under management
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Methods of calculating AUM vary between firms. The fee structure depends on the contract between each client and the firm or fund, Assets under management rise and fall. They may increase when investment performance is positive, or when new customers, rising AUM normally increases the fees which the firm generates. Conversely, AUM are reduced by negative investment performance, as well as redemptions or withdrawals, including fund closures, client defections, lower AUM tend to result in lower fees generated. Assets under management includes, Capital raised from investors, Capital belonging to the principals of the management firm. For example, if fund managers contribute $2B of their own capital to the fund and raise additional $10B from investors, net asset value Fund Management Activities Survey 2005 Sovereign Wealth Fund Assets Under Management

12.
European Association of Co-operative Banks
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As the representative of the world’s largest cooperative banking cluster, the EACB is the voice of 4,050 small, regional and large member banks at European and international levels. As an international non-profit Association based in Brussels, the EACB is recognised as a key interlocutor for cooperative banks by the regulators and supervisors at EU, the EACB works together with more than 200 experts from its member organisations. The association represents, promotes and defends the values of the banking model in Europe. The EACB has the largest and most comprehensive policy resources for co-operative banks worldwide and these resources as well as important data on the co-operative banking sector are freely available on the EACB website. Hence the Association of Co-operative Savings and Credit Institutions of the E. E. C. was officially created on October 1,1970 and it is headed by a President and regulated by the Board and the Executive Committee. The General Manager, Mr. Hervé Guider leads the Secretariat based in Brussels, the EACB supports the code of conduct on lobbying of the European Commission and is registered in the EU transparency register book. The President is elected for 2 years with a mandate, which may be renewed once and he chairs the Board and the Executive Committee. The Board meets 3 to 4 times a year and defines the general policy, the Executive Committee is composed of 39 appointed Members, who endorse recommendations put forward by the Working Groups members. They meet three times a year, the activities of the EACB are articulated around Working Groups and Taskforces, covering topics from banking legislation to customer policy, CSR and Social Affairs. A. 1970 -1982, Johannes Teichert 1982 –1996, Guido Ravoet 1996 –2001, in addition the EACB is a member of Co-operatives Europe, the umbrella body gathering European and national co-operative organisations and the International Co-operative Alliance. The EACB is a member of the European Payments Council, the European Banking Industry Committee. European Central Bank European Securities and Market Authorities European Banking Authority International Monetary Fund World Bank Group EBIC EFRAG EPC

13.
Budapest Stock Exchange
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The Budapest Stock Exchange is one of the most important market by market capitalization and liquidity in Central and Eastern Europe. Located at 7 Liberty Square, Budapest, Hungary, in the downtown, previously it was located in the Budapest Stock Exchange landmark building, until a large trading floor was necessary. The BSE is owned and operated by listed issuers on the exchange, furthermore Hungarian private banks and companies, the Budapest Stock Exchange accounts for all the turnover in the Hungarian market and a large share of the Central and Eastern European market. In 2007, the Budapest Stock Exchange agreed to move to abolish floor trading, today, trading takes place exclusively via the Xetra system, with redundant floor brokers taking on the role of market-makers. The Xetra system consists of Budapest Stock Exchange and 14 international exchanges, among others Frankfurt Stock Exchange, Vienna Stock Exchange, the BSE is a member of the World Federation of Exchanges and the Federation of European Securities Exchanges. The trading indices in Budapest are BUX, BUMIX, Central European Blue Chip Index, Xetra trading runs from 09,00 to 17,00 with closing auction from 17, 00-17,05, and post-trading trading times until 17,20. BSE was introduced a pre market trading from 08,15 to 08,30, the Budapest Stock Exchange aims to ensure a transparent and liquid market for its listed securities issued either in Hungary or abroad. Through the concentration of supply and demand, it is the most important institution of price discovery, the stock exchange actively participates in promoting the continuous improvement of the financial culture of domestic companies and investors. The Budapest Stock Exchange conducts four main services, Listing services, in addition, the BSE provides access to the dynamically growing assets of domestic institutional investors and to domestic investor savings. The exchange also provides investors with the simplest access to the investor community. Trading services, The BSE acts as the platform to trade financial instruments. Currently, over 40 domestic and foreign companies take part in the exchange trading. Dissemination of market information, The Exchange supplies real-time and accurate trading data of its listed securities and provides services on issuers. Through the exchange’s extensive data vendor network, both institutional and individual investors can access data in a timely and efficient manner. Product development, The BSE provides an opportunity for financial innovations. Index futures and options are calculated directly by the exchange, investors seeking hedging opportunities or gearing can select from a wide array of individual stocks and currency, interest rate, and commodity derivatives. The Exchange’s main goal is to become the centre and primary trading venue of Hungarian securities. This is achieved by an operation, a commitment to continuously improve its services

14.
FHB Mortgage Bank
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FHB Mortgage Bank is Hungarys largest mortgage re-financer. Formerly state-owned, it was floated on the market in 2003. As of 17 August 2011, FHB Mortgage Bank Co, plc. has market capitalization of US$232.4 million

15.
DZ Bank
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DZ Bank AG is the third largest bank in Germany by asset size and the central institution for more than 1,000 co-operative banks and their 12,000 branch offices. DZ Bank is an acronym for Deutsche Zentral-Genossenschaftsbank, as a holding, the DZ Bank Group defines itself primarily as a service provider for the local cooperative banks and their 30 million or so clients. DZ Bank is a member of CIBP, EACB, the Euro Banking Association, DZ Bank is headquartered in Frankfurt, Germany and maintains branches, subsidiaries and representative offices in key financial centers and economic regions worldwide. The DZ Bank building in Berlin, located at Pariser Platz 3, was designed by architect Frank Gehry, DZ Bank also has one of the most significant collections of contemporary artistic photography which today comprises over 6,000 works by more than 550 artists. In 2016 DZ Bank was merged with WGZ Bank, the institute of the co-operative banks of Rhineland. Volksbanken und Raiffeisenbanken Bundesverband der Deutschen Volksbanken und Raiffeisenbanken Official website

16.
Erste Group
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After the demise of Communism, the company started a strong expansion into Central and Eastern Europe and by 2008 it had acquired 10 banks. In 1997, it went public and today the company is listed on the exchanges of Vienna, Prague and Bucharest and included in the indices CEETX, ATX, Erste Group now includes all companies of the Group. In a ranking by Forbes Magazine of the worlds largest stock corporations in 2013, after restructuring and going public, Erste Bank – at the time the uniform organization – embarked on its expansion strategy into Central and Eastern Europe. The first takeover was the Hungarian Mezőbank in 1997, after carrying out another capital increase, the expansion continued. In 2000, majority stakes were acquired in the Czech Česká spořitelna, also in 2000, three small Croatian banks were merged to create Erste & Steiermärkische Bank d. d. following their takeovers as of 1997 by Erste Bank and the Steiermärkische Bank und Sparkassen AG. In 2003, Riječka banka was merged with Erste & Steiermärkische Bank, the stake owned by Erste in these subsidiaries has been 55. 1% ever since. The number of the employees at the end of 2008 was 9,985, in July 2005, Erste Bank signed the purchase agreement for the acquisition of 83. 28% of the shares in Novosadska banka a. d. Novi Sad, from the Republic of Serbia, with the acquisition of the bank, Erste Bank entered the Serbian market which promises enormous growth potential. In 2007, Erste acquired 100% of Bank Prestige in Ukraine, in April 2013, Erste Group sold its Ukrainian subsidiary for around EUR63 million to the owners of the Ukrainian Fidobank. The sale was in line with Erste Groups strategy to focus on the business in the eastern part of the European Union. Ukraine been growing more and more distant from the EU politically in the last few years, in 2008, the foreign business of Erste Bank was transferred to the newly founded Erste Group. s. Slovakia, Slovenská sporiteľňa Hungary, Erste Bank Hungary Zrt, croatia, Erste & Steiermärkische Bank d. d. Novi Sad Romania, Banca Comercială Română Slovenia Banka Sparkasse d. d, in October 2011 it said it expected a full year loss of up to EUR1.1 billion, after making writedowns and provisions of EUR1.6 billion. This would be its first loss since at least 1988 and it said the writedowns were due to government intervention in Hungary, where it is forced to take losses on Swiss franc mortgages, and a slower than expected recovery in Romania. It will also delay a plan to some of the state aid received in 2009. From 2009 to 2012, the Republic of Austria received annual payments from Erste Group of EUR98 million. As of year end 2015, Erste Group achieved a net profit of EUR968.2 million,4. 2% lending growth and a CET1 ratio of 12. 3%. In the spring of 2016,4.500 employees of Erste Group, of Erste Bank Oesterreich, the cornerstone had been laid on June 26th 2012

17.
OTP Bank
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OTP Bank Group is one of the largest independent financial services providers in Central and Eastern Europe with full range of banking services for private individuals and corporate clients. OTP Group comprise large subsidiaries, granting services in the field of insurance, real estate, factoring, leasing and asset management, investment and pension funds. The bank is serving clients in 9 countries, namely Hungary, Slovakia, Bulgaria, Serbia, Romania, Croatia, Ukraine, Montenegro and Russia. Nowadays OTP Groups more than 36,000 employees are serving 13 million clients in over 1,500 branches, OTP is still the largest commercial bank in Hungary with over 25% market share. OTP Group started its activity in 1949 when OTP Bank was founded as a state savings, OTP stands for Országos Takarék Pénztár which indicates the origin purpose of establishment of the bank. The bank went public in 1995, and the share of the state in the bank decreased to one preferential gold share. Currently most of the shares are owned by private and institutional investors. OTP has a free float shareholder structure, the free float ratio reaches the 68. The rest is held by one of the Forbes billionaire Megdet Rahimkulov in 8, 88%, Hungarian MOL Group in 8, 57%, French Groupama in 8, 30% and American Lazard in 5, 64%. The predecessor of OTP Bank, called the National Savings Bank was established in 1949 as a nationwide, state-owned, banking entity providing retail deposits, in the ensuing years, its activities and the scope of its authority gradually widened. First, it was authorised to enter into real estate transactions, since 1989, the bank has operated as a multi-functional commercial bank. In 1990, the National Savings Bank became a company with a share capital of HUF23 billion. Its name was changed to the National Savings and Commercial Bank, subsequently, non-banking activities were separated from the bank, along with their supporting organisational units. The state lottery was reorganised into a separate state-owned company and OTP Real Estate was established as a subsidiary of the bank, OTP Banks privatisation began in 1995. As a result of 3 public offers along with the introduction of the shares into the Budapest Stock Exchange the states ownership in the bank decreased to a single voting preference share. Currently the bank is characterized by dispersed ownership of mostly private, after the realisation of its own privatisation process, OTP Bank started its international expansion targeting countries in CEE region. OTP Bank has completed several acquisitions in the past years, besides Hungary, OTP Group currently operates in 8 countries of the region via its subsidiaries, in Bulgaria, in Croatia, in Romania, in Serbia, in Slovakia, in Ukraine, in Montenegro and in Russia. 2008 was milestone in OTP Bank history since it was the first time to one of its subsidiaries

18.
Economy of Hungary
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The Hungarian economy is the 57th-largest economy in the world with $265.037 billion annual output, and ranks 49th in the world in terms of GDP per capita measured by purchasing power parity. Hungary is a market economy with a heavy emphasis on foreign trade. The country had more than $100 billion of exports in 2015, with a trade surplus of $9.003 billion, of which 79% went to the EU. Hungarys productive capacity is more than 80% privately owned, with 39. 1% overall taxation, on the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%. As of 2015, the key trading partners of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland, major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism. Hungary is the largest electronics producer in Central and Eastern Europe, electronics manufacturing and research are among the main drivers of innovation and economic growth in the country. In the past 20 years Hungary has also grown into a center for mobile technology, information security. The unemployment rate was 4. 3% in January 2017, down from 11% during the crisis of 2007–08. Hungary is part of the European single market which represents more than 508 million consumers, several domestic commercial policies are determined by agreements among European Union members and by EU legislation. Large Hungarian companies are included in the BUX, the Hungarian stock market index listed on Budapest Stock Exchange, well-known companies include the Fortune Global 500 firms MOL Group, the OTP Bank, Gedeon Richter Plc. Magyar Telekom, CIG Pannonia, FHB Bank, Zwack Unicum, besides these, Hungary has large number of specialised small and medium enterprises, for example many automotive industry suppliers and technology start ups, among others. Budapest is the financial and business capital of Hungary. 4%, on the national level, Budapest is the primary city of Hungary for business, accounting for 39% of the national income. The city had a gross metropolitan product of more than $100 billion in 2015, Budapest is also among the Top100 GDP performing cities in the world, as measured by PricewaterhouseCoopers. In a global city competitiveness ranking by EIU, Budapest is ranked above Tel Aviv, Lisbon, Moscow and Johannesburg, the Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%. In the age of feudalism the key factor was land. The new economic and social orders created private ownership of land, there are three forms of existence, the royal, ecclesiastical and secular private estate. The royal estate of the dynasty had evolved from the tribal lands. The origin of the private holdings dates back to the conquest tribal common estates

19.
Europe
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Europe is a continent that comprises the westernmost part of Eurasia. Europe is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, yet the non-oceanic borders of Europe—a concept dating back to classical antiquity—are arbitrary. Europe covers about 10,180,000 square kilometres, or 2% of the Earths surface, politically, Europe is divided into about fifty sovereign states of which the Russian Federation is the largest and most populous, spanning 39% of the continent and comprising 15% of its population. Europe had a population of about 740 million as of 2015. Further from the sea, seasonal differences are more noticeable than close to the coast, Europe, in particular ancient Greece, was the birthplace of Western civilization. The fall of the Western Roman Empire, during the period, marked the end of ancient history. Renaissance humanism, exploration, art, and science led to the modern era, from the Age of Discovery onwards, Europe played a predominant role in global affairs. Between the 16th and 20th centuries, European powers controlled at times the Americas, most of Africa, Oceania. The Industrial Revolution, which began in Great Britain at the end of the 18th century, gave rise to economic, cultural, and social change in Western Europe. During the Cold War, Europe was divided along the Iron Curtain between NATO in the west and the Warsaw Pact in the east, until the revolutions of 1989 and fall of the Berlin Wall. In 1955, the Council of Europe was formed following a speech by Sir Winston Churchill and it includes all states except for Belarus, Kazakhstan and Vatican City. Further European integration by some states led to the formation of the European Union, the EU originated in Western Europe but has been expanding eastward since the fall of the Soviet Union in 1991. The European Anthem is Ode to Joy and states celebrate peace, in classical Greek mythology, Europa is the name of either a Phoenician princess or of a queen of Crete. The name contains the elements εὐρύς, wide, broad and ὤψ eye, broad has been an epithet of Earth herself in the reconstructed Proto-Indo-European religion and the poetry devoted to it. For the second part also the divine attributes of grey-eyed Athena or ox-eyed Hera. The same naming motive according to cartographic convention appears in Greek Ανατολή, Martin Litchfield West stated that phonologically, the match between Europas name and any form of the Semitic word is very poor. Next to these there is also a Proto-Indo-European root *h1regʷos, meaning darkness. Most major world languages use words derived from Eurṓpē or Europa to refer to the continent, in some Turkic languages the originally Persian name Frangistan is used casually in referring to much of Europe, besides official names such as Avrupa or Evropa

20.
Oesterreichische Nationalbank
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The Oesterreichische Nationalbank is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks and the Eurozone. In the public interest, the National Bank of Austria contributes to monetary and economic policy decision-making in Austria, in line with the Federal Act on the Oesterreichische Nationalbank, the OeNB is a stock corporation. Given its status as a bank, it is, however, governed by a number of special provisions. The OeNBs capital totals EUR12 million and is held by a sole shareholder, the shareholder rights of the federal government are exercised by the Federal Minister of Finance. Since May 2010 this capital is held by the state of Austria. Previously half of the capital was in the hands of employer and employee organizations as well as banks, the Oesterreichische Nationalbank was started in 1816 by Johann Philipp Stadion, Count von Warthausen in the reign of Francis I, the first Emperor of Austria. The foundation of this followed a period of high currency devaluation in Austria during the war times when paper money was issued by the Habsburg state. e. In addition, the OeNB manages reserve assets, i. e. Economy of Austria Euro Austrian schilling National Bank of Austria

21.
Raiffeisen Bank International
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It has subsidiaries in, amongst others, Ukraine, Hungary, Czech Republic, Romania, Kosovo, Albania, Bulgaria, Serbia, Bosnia-Herzegovina, Croatia, and Switzerland. The largest of these subsidiaries by far is Raiffeisenbank which accounts for 74 percent of the companys pretax profit, the RZB Group is the third largest Austrian bank. As of end-2010, the balance total of the RZB Group amounted to 136.5 billion euros. The incorporation meeting of the shareholders of the centre of the Austrian Raiffeisen cooperatives was held on 16 August 1927. The founding took place roughly four decades after the establishment of the first Austrian savings, the original company name was Girozentrale der österreichischen Genossenschaften. From 1953 on, the new name was Genossenschaftliche Zentralbank Aktiengesellschaft, since 1989, the bank has been named Raiffeisen Zentralbank Österreich Aktiengesellschaft, abbreviated as RZB. Along with this, the staff also increased significantly, rising to 85 employees at the end of its first decade of existence. In 1938, one day after the German occupation of Austria, it was taken over by a provisional administrator, the bank was not returned to its pre-war owners until 1955. In the 1950s, GZB began to expand and transform its foreign operations and this was also clearly reflected in the banks growth, with the number of staff rising to almost 200 by 1957. At the end of the 1950s, the bank began to found specialised companies or to invest in them, working with the co-operatives also allowed the institution to offer each and every Raiffeisen bank and its customers a universal range of financial services. The product portfolio of the Raiffeisen Banking Group was further expanded with the founding of Raiffeisen Building Society, Raiffeisen Insurance, Raiffeisen Leasing and this very early strategic decision to expand into Central and Eastern Europe proved to be one of the most important decisions in RZBs history. Along with Austria, RZB considers CEE to be its home market, the subsidiary bank Raiffeisen Bank International was formed merging Raiffeisen International Bankholding AG and the corporate banking business and related participations from RZB. RZB currently holds a stake of approximately 78. 5% and operates one of the largest banking networks in CEE, in 2005, it bought Ukrainian Bank Aval, and renamed its subsidiary Raiffeisen Bank Aval. In 2007, Raiffeisen made €1.48 billion, 79% of it from operations abroad, a group of 10 central and eastern European banks, which included Raiffeisenbank Chairman Herbert Stepic as spokesman, asked the ECB to extend their bailout. In June 2013, Raiffeisen supported the nationalised Volkesbanken by purchasing a package of poor loans worth $300mn from them, roughly half of the loans Raiffeisen and its subsidiaries have made in Ukraine were in U. S. dollars, while many loans in Hungary were in Swiss francs. As local currencies tumble, those loans have become more expensive for borrowers to pay off, the bank has asked the Austrian taxpayer to buy preferred shares of Raiffeisen valued at €1.75 billion in a capital-raising measure. The coupons would pay 9. 3% annual interest and must be repaid within five years, in 2015 the Raiffeisen Bank made a profit once again. This in part lead to the bank postponing the 2014 announced sale of its Polish subsidiary Raiffeisen Bank Polska SA, another factor that affected the banks decision to wait with the sale was the elaborate demands by Polish regulators for bank sales

22.
Dexia
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Asset Management and Services provided asset management, investor and insurance services, in particular to clients of the two other business lines. In 2008, the bank received taxpayer bailouts for €6 billion, as part of the resolution, Dexia Bank Belgium was bought out from the Dexia group by the Belgian state, and will continue to exist under its new name Belfius. The remaining part of the Dexia group was left in a bad bank, in the 2010 Fortune Global 500 Dexia was ranked 49th, the top-ranked Belgian company. The company was founded in 1996 through the merger of Gemeentekrediet van België/Crédit Communal de Belgique, the Dexia Group was founded as a dual-listed company, but in 1999 the Belgian entity took over the French entity to form one company. The company is headquartered in Brussels, Belgium, France and Belgium just injected another combined €5.5 billion into Dexia. 1860 – Foundation of the Gemeentekrediet van België / Crédit Communal de Belgique, the communities were shareholders, for a value of at least 5% of the amounts drawn. 1947 – Development of a network of branches that allow drawing funds from the general public through savings accounts. From 1960 on the branches were run by independent agents, allowing a range of services and products to be offered. 1990 – Start of the expansion of the bank with the creation of the Cregem International Bank in the Grand Duchy of Luxembourg. 1991 – The Gemeentekrediet builds on its expansion by taking a stake of 25% in the Banque Internationale à Luxembourg. In early 1992 the firm increased its stake in BIL to 51%,1987 – Foundation of the Crédit Local de France as a successor to the CAECL, it was a public administrative institution, managed by the Caisse des dépôts. 1990 – The Crédit Local de France begins an international expansion with the opening of an American subsidiary, the CLF New York Agency. Aiming at a development in Europe, the CLF mainly operated in Great Britain, Spain, Germany and Italy, additional activities were later added in Austria, Scandinavia. 1991 – Crédit Local de France underwent a public offering on the Paris Stock Exchange. The shareholders at the time were the French State, the Caisse des dépôts,1996, Merger of the Gemeentekrediet / Credit Communal de Belgium and the Crédit Local de France to form Dexia. 1997, Dexia takes a stake of 40% in the Italian firm Crediop,1998, Dexia increases its shareholding in Crediop to 60%. 1999, First listing of Dexia Group as a company on the Brussels and Paris stock exchanges in November. In Belgium the stock became part of the BEL20 index, the group broadens its insurance activities in France, Belgium and Germany

23.
KBC Bank
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KBC Bank N. V. is a Belgian universal multi-channel bank, focusing on private clients and small and medium-sized enterprises. KBC is an acronym for Kredietbank ABB Insurance CERA Bank, the parent company, KBC Group N. V. is one of the major companies and the second largest bancassurer in Belgium. It is the 18th largest bank in Europe and a major player in Central and Eastern Europe, employing some 51,000 staff worldwide. The group is controlled by a syndicate of shareholders, but has a free float of some 41%. In the core shareholders, KBC Ancora controls 23%, MRBB controls around 13%, CERA 7%, the free float was chiefly held by a large variety of international institutional investors as of the end of 2010. Its shares are traded on the Euronext exchange in Brussels and the Luxembourg Stock Exchange, the private Art collection of KBC bank is situated in the Rockox House in Antwerp. The Catholic Volksbank van Leuven, founded in 1889, was one of the earliest predecessors of the KBC Bank, another predecessor was the Bremer Vorschussverein, founded in 1889 and changed later into Bankverein Bremen AG. In 1935, the banks Algemeene Bankvereeniging and Volksbank van Leuven merged with the Bank voor Handel en Nijverheid to create the Kredietbank, the Kredietbank would be the only Belgian financial institution under Flemish control which would survive the financial crisis of the great depression of the 1930s. Fernand Collin, who became president in 1938, conceived the strategy which would lead to the growth of the bank. He defined the Kredietbank as an independent bank with a decidedly Flemish character which would be an instrument to further Flemish economic growth, during World War II, the bank would be able to expand its activities and grow its deposits from the Flemish middle class. After the war, because of the recovery, the Kredietbank. The postwar growth strategy of the bank, emphasized foreign expansion, the bank expanded into Luxembourg in 1949 with the Kredietbank S. A. Luxembourgeoise and into Wallonia with the establishment of the Crédit Général de Belgique in 1961. The Kredietbank also expanded into Belgian Congo and it established a branch in Léopoldville in 1952. Due the situation emerging after the independence of Belgian Congo in 1960, in the sixties, driven by increasing competition, the bank worked on the expansion of its branch network and improvement of consumer services. In 1966, the bank began building a foreign-correspondent network and the establishment of branches in New York, London, the Cayman Islands, and a subsidiary in Geneva. In 1970, together with six other European institutions, Kredietbank established the Inter-Alpha Group of Banks, the Kredietbank N. V. Bruxelles acquired the main part of the shares from the Bankverein Bremen AG since 1982. The branch in Bremen was renamed to Kredietbank-Bankverein AG in 1990, in 1998, the Kredietbank merged with two financial institutions originating from the Boerenbond, ABB-insurance and CERA Bank, to form the KBC Bank and Insurance Holding Company. Since then, the group has expanded its activities, chiefly in Central

24.
Bank of Cyprus
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Bank of Cyprus is a major Cypriot financial institution. In terms of market capitalisation, of €1.24 Billion on 24 March 2017, it is the countrys biggest bank. As at December 2016, the bank held a 31. 1% share of the Cypriot deposit market, the Bank of Cyprus Group employs 4,284 staff worldwide and 4,000 in Cyprus. The Bank of Cyprus currently operates through a total of 127 branches/business offices, of which 122 operate in Cyprus, four in the United Kingdom, the group has representative offices in Greece, Russia, Ukraine and China. The shares of the bank are listed on the Cyprus Stock Exchange, the Bank is the largest listed company on the CSE in terms of market capitalization. Since October 8,2007 the Bank of Cyprus has been part of the Cyprus 10 Index, the Bank of Cyprus was also listed on the Athens Exchange since 2000 and had been part of the FTSE/Athex Large Cap index from 9 October 2006 until March 2013. However, in late 2016 it has announced plans to de-list from Athens on 9 January 2017, all except TD Asset, Tyrus and the Cyprus Popular Bank have a seat on the board of directors. The bank adopted as its emblem the ancient Cypriot coin bearing the inscription ΚΟΙΝΟ ΚΥΠΡΙΩΝ and this is the first Cypriot bank, all the other banks in Cyprus are foreign-owned. 1912 The Nicosia Savings Bank became a company and changed its name to Bank of Cyprus. 1930 The BoC incorporated as a limited company,1943 The BoC amalgamated with Famagusta Bank and Larnaca Bank. 1944 The BoC acquired the Melissa Bank, Paphos, the Mortgage Bank of Cyprus was established. 1945 BoC merged with the Cyprus Savings Bank, which had established in Nicosia in 1908. 1953 BoC merged with Paphos Popular Bank,1955 BoC opened its first branch abroad when it opened in London to serve the Cypriot community there. 1960 BoC established a subsidiary, Bank of Cyprus Ltd, xeros, Morphou and Zodhia, Golden Sands, Kato Varosha, Kennedy Avenue, Democratias Avenue, Evagoras Avenue and Oceania, Yialousa, Rizokarpaso and Lysi, and Kyrenia, Karavas and Lapithos branches. 1982 BoC acquired Standard Chartered Banks Cypriot operations, BoC also opened a representative office in Greece. 1986 BoC opened a office in Australia. 1991 BoC established its first branch in Greece, kolonaki branch was located at the corner of Vasilissis Sophias Avenue and Sekeri Street, and also boasted a Business Banking Centre and the banks treasury. In the summer of 2009, this and Mitropoleos Street branches were merged to form the new Syntagma Square branch,1995 BoC opened a representative office in South Africa, and a branch in Heraklion, Crete

25.
Hellenic Bank
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Hellenic Bank Public Company Ltd, is the second largest bank on the island of Cyprus with a 12. 6% share of deposits and 7. 4% of the loans market as of December 2016. By market capitalisation of 165 Million Euro as at 23 March 2017 it is the second largest Cypriot bank and its shares are listed on the Cyprus Stock Exchange. The bank was founded in 1976 with technical assistance from Bank of America, a major shareholder was traditionally and for many years, the Church of Cyprus. The board is composed of representatives of the top two shareholders, in January 2011, Hellenic Bank started operating in Russia but later, in 2014, sold the Russian operation The bank also has representative offices in Kiev, St Petersburg, Moscow and South Africa. It has also opened a office in Athens, Greece in 2016. On 25 March 2013 Hellenic Bank sold its Greek branches to Piraeus Bank, as of 27 March 2013, former Hellenic Bank customers could use the ATMs of all Piraeus Bank Group banks free of charge. The process of merging the operations of the former Hellenic Bank network in Greece into Piraeus Bank was completed in mid-July 2013 and this was followed by the closure of the vast majority of the former Hellenic Bank branches and the dismissal of its personnel. In 2015 EBRD acquired a 5. 4% share in Hellenic Bank, in 2016, Hellenic Bank received a Global Finance Magazine award for the third consecutive year as the Best Digital Bank in Cyprus and was upgraded to B rating by Fitch

26.
Danske Bank
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Danske Bank is a Danish bank whose name also literally translates into Danish Bank. It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn, headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers. Danske Bank was number 454 on the Fortune Global 500 list for 2011, the Danske Bank group operates a number of local banks around the Nordic Region as well as across Ireland. The Danske Bank branches in Baltic states began operating in 2008 after Finnish Sampo Bank was acquired by Danske Bank Group in 2007 for €4.05 billion, Danske Bank, formerly Sampo Bank, is Danske Banks Finnish operations. Sampo Bank was acquired by the Danske Bank Group in 2007, Sampo Bank traces its origins back to 1887, Originally the Finnish state-owned Post and Savings Bank, which accepted deposits from the public at its post offices. In 1999, the bank was merged with Sampo PLCs insurance business to form the Sampo Group. The banking unit was acquired by Danske Bank in 2007. Danske Banks Northern Irish subsidiary was founded as the Northern Banking Partnership in Belfast in 1809 and it became Northern Bank in 1970, after merging with the Belfast Banking Company. Northern Bank was one of the Big Four banks in Ireland, the bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres. Danske Bank is one of the four banks in Northern Ireland which are permitted to issue their own banknotes. Danske Banks Irish subsidiary was known as the National Irish Bank. In 1987, both banks were acquired by National Australia Bank, in 1988 the Republic of Ireland operation was renamed National Irish Bank Limited whilst Northern Bank Limited remained the name of the Northern Ireland operation. Nonetheless, a management team continued to run both banks, which shared many services and back office functions. During this era, the logo of the National Irish Bank was that of the National Australia Bank, except that the red star had been recoloured green, the original Northern Bank logo had been the Midland Bank griffin. The rebrand was completed on 18 November 2012, at the time the bank closed its 27 branches to focus on corporate and private clients. On 31 October 2013 Danske Bank announced it would be withdrawing all personal banking services in the Irish Republic on a basis in the first half of 2014. Danske Bank has set up its own captive technology centre in India called Danske IT, Danske Bank corporate website Yahoo Finance

27.
Jyske Bank
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Jyske Bank A/S is the third largest Danish bank in terms of market share. The headquarters are located in Silkeborg, and the bank has offices, branches, or subsidiaries in Denmark, France, Germany, Gibraltar, the Netherlands, and Switzerland. It is the third-largest bank to be listed on the Copenhagen Stock Exchange, the current CEO of Jyske Bank is Anders Dam. The bank employs some 4000 individuals and these banks trace their roots back to the mid-19th Century. 1968 - Jyske Bank acquired Banken for Brædstrup og Omegn,1970 - Jyske Bank acquired Samsø Bank. 1970 - Jyske Bank acquired Odder Landbobank,1981 - Jyske Bank acquired Copenhagen-based Finansbanken, giving it national coverage. 1983 - Jyske Bank acquired Vendelbobanken,1989 - Jyske Bank acquired Holstebro Bank. 2011 - Jyske Bank acquired most of Fjordbank Mors and this is the oldest Scandinavian-owned subsidiary in Switzerland. In 1985 the subsidiarys name became Jyske Bank,1983 - Jyske Bank established an office in London and three years later upgraded it to a branch. 1984 - Jyske Bank established an office of Jyske Bank Private Banking in Fuengirola on the Spanish Costa del Sol. 1987 Jyske Bank acquired Banco Galliano in Gibraltar, a family-owned bank, Jyske Bank acquired Hamburger Handelsbank, giving it a branch in Hamburg. 1988 - Jyske Bank converted its representative office in Spain into a subsidiary that it converted back to a representative office. 2002 - Jyske bank formed an alliance with Nykredit to become a major actor in the Danish finance industry. 2003 - Jyske Bank established representative office for Jyske Bank Private Banking in Cannes,2004 Jyske Bank established a representative office in Poland to conduct private banking. Jyske Bank acquired 60% of Berbens Effectenkantoor in Echt, Netherlands,2007 - Jyske Bank Private Banking closed the offices in Warsaw and Fuengirola. 2008 - Jyske Bank closed its branch in London, JN Data A/S Jyske Finans A/S Silkeborg Datacentral A/S Jyske Bank Jyske Bank Ltd

28.
Roskilde Bank
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Roskilde Bank was a local Danish bank founded in 1884. It was based in Roskilde with branches over much of Region Hovedstaden and it merged in 1996 and was taken over by the Danish National Bank in 2008. Roskilde Bank was founded in 1884 and in 1996 merged with Ringsted Sparekasse, on the 24 August 2008 it was acquired by the Danish National Bank after running into financial trouble due to the decline of the Danish property market. The Bank remains formally listed on the Copenhagen Stock Exchange, the Bank had approximately 32,000 shareholders. The Bank was, according to the Finance Councils statement, Denmarks 10th largest bank and this was the first time since 1928 that the Danish National Bank had taken over another bank. The loss is assumed to be between £3-6 billion, but circulating allegations maintain that the loss in the worst case could amount to 37 billion Kroner, the 33000 shareholders also stand to lose their money. On the 29 September 2008 Roskilde Bank signed agreements for the sale of a total of 21 branches, including 9 branches to Nordea,7 branches to Spar Nord Bank and 5 branches to Arbejdernes Landsbank

29.
Sydbank
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Sydbank A/S is one of Denmarks largest full service banks headquartered in Aabenraa. Sydbank was founded in 1970 with the merger of four local banks based in Southern Jutland, Den Nordslesvigske Folkebank, Graasten Bank, Folkebanken for Als og Sundeved and Tønder Landmandsbank. It has since grown considerably through mergers and acquisitions, one of the latest being DiskontoBanken of Næstved. Through the early 1970s, Sydbank had only 50 branches — all in south Jutland — until 1976 when it opened its first branch across the Kongeå River in Fredericia, in 1983, Sydbank opened an office at Kongens Nytorv in Copenhagen and merged with the Aarhus Bank. In 1984, it engaged in merger with Fuen Bank and Co-established bank with a branch in Flensburg. In 1985, came a branch in Hamburg, in 1987, the company created Sydbank Investment branch Sydinvest and purchased parts of Copenhagen-based 6th July Bank, which had gone into receivership in March of that year. In 1988, it purchased Sydbank Community Bank branches in Copenhagen, the bank ended the decade with a market share of just two percent,70 branches and 1,400 employees. Sydbank merged in 1990 with Sparekassen South Jutland and it acquired Varde Bank in early 1994, including 30 West Jutland departments. In May 1994, it bought Sydbank Active Bank and 40 East Jutland offices from Topdanmark, since 2000, Sydbank has become a thriving, growing, robust and high-earning bank that has offices in almost all parts of Denmark. Sydbank acquired Odense Bank Egnsbank Funen in 2002 and began to open branches in central Jutland and Sealand and it opened the subsidiary Sydbank AG in St. Gallen, Switzerland in 2002. In 2007, it sold Sydbank DMK-Holding to Ebh Bank and opened offices in Kiel, in 2008, the company purchased Trelleborg Bank, headquartered in Slagelse. Sydbank is now one of Denmarks largest full service banks based in Southern Jutland, the Bank has a market share in the sector around seven percent, approximately 2,600 employees and 115 branches - including three in Germany. The Executive Director since 1982 Carsten Andersen, the Board is in addition to Carsten Andersen, Karen froze, Preben Lund Hansen and Allan Nørholm. Sydbank founded SydbankFonden in 2002 which annually awards millions of dollars to charitable, cultural and popular applications

30.
OP Financial Group
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OP Financial Group is one of the largest financial companies in Finland. It consists of 180 cooperative banks and their central organization, the financial group has over 1.4 million customer-owners. The group offers retail and commercial banking services all over Finland as well as insurance services, in 2014 the group acquired the remainder of the shares of Pohjola Bank and consolidated its services under the OP brand. Therefore, OP-Pohjola shortened its name OP, oP’s new headquarters is located in Vallila, Helsinki, and opened in 2015. The company’s predecessor was founded in 1891 when the insurance company Palovakuutus-Osakeyhtiö Pohjola commenced its operations. Pohjola Bank was listed on the Helsinki Stock Exchange in 1922, the first local cooperative credit societies was founded in 1902 after it received a large loan from the Finnish state. The central organization for cooperatives was founded in 1928 as an ideological organization between local branches, since the business environment has changed and banking regulation has tightened, the central organization has increased its influence on local banks significantly. In 2005 the central organization of OP Financial Group became a shareholder of Pohjola Bank. The remainder of the shares were acquired in 2014, in 2014 OP announced plans to expand into the health and wellbeing market. It already operates one hospital in the Helsinki region but plans to new ones in the near future under the Pohjola brand

31.
S-Bank
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S-Bank Ltd is the bank of the S-Group, a Finnish retailing cooperative organisation. S-Bank is the first so called supermarket bank in Finland, the co-operative did, and the bank continued to, offer a relatively high interest to deposited funds. It was 2. 5% in February 2008, although this was cut to 0. 2% due to the global recession since 2008, the existing network of supermarket service desks is used to service customers. However, Internet-based electronic banking is recommended and provided at no cost to the customer, visa credit and debit cards are available